There are probably more than a few former Motricity workers in the Triangle who aren't sorry to learn that CEO Ryan Wuerch has left.

While CEO in 2008, Wuerch orchestrated the technology company's move to near Seattle from Durham. That cost hundreds of local workers their jobs and shifted the fast-growing firm's headquarters out of this region.

Motricity, which still has a smaller operation in Durham, announced this morning that it has "mutually agreed" with Wuerch to terminate his employment as of Aug. 20.

Motricity didn't dazzle Wall Street investors, but the technology company did manage to get a downsized IPO done.

Late Thursday, the company sold 5 million shares at $10 each in an initial public offering, Bloomberg News reported. Earlier in the day, Motricity reduced the size of the deal, a sign of lackluster demand.

Motricity, which moved its headquarters to the Seattle area from Durham in 2008 and laid off hundreds of local workers, filed plans in January to raise as much as $250 million in an IPO. But the volatile stock market has taken its toil on a number of companies hoping to make their debuts on Wall Street.

Motricity isn't getting a warm welcome on Wall Street.

The technology company, which moved its headquarters to the Seattle area from Durham a few years back, slashed the size of its proposed initial public offering this morning. That's a good sign of lackluster investor interest.

Motricity filed plans in January to raise as much as $250 million in an IPO. Earlier this month, the company disclosed that it wanted to sell 6.75 million shares at $14 to $16 each. At the midrange price, Motricity would have raised about $101 million before expenses.

This morning, Motricity's filing with the Securities and Exchange Commission indicates that it now hopes to sell 5.87 million shares at $10 to $11 each. At the midpoint price, the company could raise $61.6 million before expenses.

Motricity's IPO is moving closer to reality.

The technology company filed new details about its initial public offering today with the Securities and Exchange Commission, signaling that officials are getting serious about selling the stock to Wall Street investors.

The company disclosed that it plans to sell 6.75 million shares at $14 to $16 each. At the midrange price, Motricity would raise about $101 million before expenses.

The company first filed plans in January to raise as much as $250 million, hoping to take advantage of renewed investor interest in tech stocks.

Motricity develops software that allows wireless carriers such as AT&T and Verizon to sell digital content to their customers.

Motricity was previously headquartered in Durham, but CEO Ryan Wuerch, left, announced plans in early 2008 to relocate the company's main offices to Bellevue, Wash. Motricity still employs about 100 people in Durham, out of 350 companywide.

The IPO could happen as soon as the week of June 14, reports Renaissance Capital, an IPO research firm. Weak demand among investors, stock market volatility or other factors could delay the deal.

Motricity has filed to list its shares on the Nasdaq under the ticker symbol "MOTR." 

Motricity, a technology company that moved its headquarters out of Durham in 2008, has filed plans to raise as much as $250 million on Wall Street.

If the initial public offering of stock is successful, it would make losing Motricity's headquarters even more painful for this region. CEO Ryan Wuerch announced plans in early 2008 to relocate the company's main offices to Bellevue, Wash., partly to be closer to key customers.

As part of the move, Motricity slashed about 250 local workers. The company still maintains offices in Durham.